News

Greggs has cut more than £15m from its defined benefit scheme after switching from Retail Prices Index-linking to Consumer Prices Index-linking.

US - The New York State Common Retirement Fund has announced a proposed $168m settlement of its securities fraud class action lawsuit against National City Corporation over investment losses.

A British Gas pension scheme is set to cap pensionable pay for its existing member after trade union negotiators recommended members accept proposals.

AUSTRALIA - Superannuation funds have seen a massive spike in calls from members concerned by the ongoing global market volatility, an industry body said.

Hedge funds had much of their gains this year wiped out last week as half the alternative strategies reporting daily data to Hedge Fund Research's investable indices lost over 1% of their value in just 24 hours.

Increased longevity figures, as highlighted in a recent Department for Work and Pensions report, will dramatically increase pensioner poverty, MGM Advantage predicts.

AUSTRALIA - The Financial Services Council has called for the Productivity Commission to bring forward its enquiry into how default funds are awarded in negotiated agreements.

Specialist pensions law firm Sacker & Partners has promoted Caroline Legg to associate director and Ian D'Costa to associate.

The FTSE 100 dipped below the 5,000 mark this morning after a short-lived rally at the start of trading.

EUROPE - European stock markets have given up early gains, which had been triggered by the European Central Bank saying it intended to buy up government debt.